United Kingdom held a referendum on 23 Jun 2016 and voted to leave the European Union (EU). The next day, it was confirmed that 51.9% of British population had voted in favour of leaving the Union. This decision taken through a simple majority, wherein 48.1% had voted to maintain status quo, shook the international financial world. The EU is a politico-economic bloc of 28 member states that are located in Europe and has an estimated population of over 508 million. The Union is founded on the principles of respect for human dignity, liberty, democracy, equality, rule of law and human rights including the rights of persons belonging to minorities. The EU traces its origins from the European Coal and Steel Community and the European Economic Community, formed in 1951 and 1958, respectively. The community grew in size and power with the joining of new member states and addition of policy areas. The Maastricht Treaty established the EU in 1993 and introduced European citiz...